A property developer has been sentenced to an additional 10 years in jail for his failure to pay a confiscation order after being found guilty of mortgage fraud.
Saghir Afzal, of Birmingham, was originally sentenced to 13 years’ imprisonment for a £49m mortgage fraud in June 2011.
The offences, committed between 1 April 2004 and 15 January 2006, involved two counts of conspiracy to obtain money transfers by deception and four counts of obtaining a money transfer by deception.
In August 2012 Afzal was ordered to pay £29.2m confiscation within six months or face an extra 10 years in jail.
Appearing at Westminster Magistrates’ Court today, he was told he would serve an additional 10 years unless the confiscation order plus accrued interest is paid in full. So far Afzal has paid roughly £92,500 towards the original confiscation order.
Co-defendant Ian McGarry, a chartered surveyor who was jailed for seven years in 2011 for his part in the fraud, was ordered to pay a £1.5m confiscation order in 2011. McGarry is contesting the confiscation order with no current court date fixed.
Afzal and McGarry were charged in 2009 together with six others. Afzal and McGarry pleaded guilty to all six counts on the indictment prior to the trial, which commenced in January 2011.
The lenders which were defrauded include the Cheshire Building Society, the Bank of Ireland, Societe Nationale and Nationwide Building Society.